FCA says brokers may be underinsured
Regulator has warned that some brokers do not have the right professional indemnity insurance and calls on sector to review its coverage.
The Financial Conduct Authority has found that some insurance brokers do not have the right level of professional indemnity cover.
Publishing the results of its thematic review titled General insurance intermediaries' professional indemnity insurance, the watchdog looked into the appropriateness of cover and accuracy of PII wordings.
The review found that professional indemnity insurance (PII) cover for some brokers had "inadvertent gaps" or "inaccuracies".
It found that PII for many brokers was
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